About Entertainment Insurance
Entertainment insurance is insurance that covers property and casualty risks to productions and live events. This insurance involves physical risks for cast, crew, wardrobe, sets and equipment. The entertainment industry involves a wide range of businesses including entertainers such as musicians, clowns, singers, jugglers, and dancers, film, television and video producers, entertainment services providers, photographers and videographers, event planners and others. The insurance providers provide entertainment insurance policies for all professions in the entertainment industry such as staging & rigging insurance, production insurance, special event insurance, and touring insurance.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 5.05% |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Entertainment Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Intact Financial Corporation (Canada), Lockton Companies (United States), HUB International (United States), Next Insurance (United States), Chubb Limited (United States), Allianz SE (Germany), Axa S.A. (France), Hiscox Ltd. (Bermuda), Allen Financial Insurance Group (United States) and Truman Van Dyke (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are American Entertainment Insurance (United States) and HUB International Limited (United States).
Segmentation Overview
AMA Research has segmented the market of Global Entertainment Insurance market by Type (Production Insurance, Staging & Rigging Insurance, Special Event Insurance, Touring Insurance and Others), Application (Personal and Commercial) and Region.
On the basis of geography, the market of Entertainment Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Service Provider, the sub-segment i.e. Private will boost the Entertainment Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Online Service will boost the Entertainment Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased Awareness about Entertainment Insurance
Market Growth Drivers:
High Risks Associated with Live Events, Sets and Equipment and others and Increased Promotional Activities by Insurance Providers
Challenges:
Strict Regulations and Longer Time for Claim Reimbursement
Restraints:
Surging cost of Insurance Products
Opportunities:
Growth in the Insurance Industry Worldwide and Increasing Demand from End-users
Market Leaders and their expansionary development strategies
In August 2022, Tangram Insurance Services, Inc. ("Tangram"), one of the largest independent managing general underwriters and program managers in the United States, acquired Los Angeles-based New Empire Entertainment Insurance.
In August 2019, Intact Financial Corporation has announced that it has entered into a definitive agreement with Princeton Holdings Limited to acquire The Guarantee Company of North America, a specialty lines insurer in Canada and the U.S., and Frank Cowan Company Limited, a managing general agent ("MGA") focused on specialty insurance for cash consideration.
Key Target Audience
Entertainment Insurance Providers, Emerging Companies, Research Professionals and End-users
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.